Switzerland is still the world’s most competitive economy, but China and other emerging countries are gaining ground, according to a study published Wednesday by the World Economic Forum.

The WEF says Switzerland benefits from good infrastructure and financial markets, and transparent government.

The United States fell to fifth place in the rankings, while China moved up slightly to 26th place. The WEF report says advanced economies have not grown stronger in the race for profit and prosperity for the past 7 years, while major emerging nations have made gains.

The report’s authors say the U.S. economy is extremely productive, has good universities, strong innovation, and a flexible workforce. But they also note high levels of public debt and low levels of trust in political leaders.

The rankings are based on publicly available economic data along with a survey of more than 14,000 business leaders in 142 economies.